July 24, 2019

CFPB Warns Financial Institutions to Stay Vigilant Regarding Elder Financial Scams

On July 17, 2019, the Consumer Financial Protection Bureau (CFPB) released an updated advisory regarding scams targeting seniors. The 25-page advisory urges banks to report to the proper government authorities anytime suspicion arises that exploitation of elder account holders is occurring. This most recent advisory is an update on the previously released notice from 2016 that outlined how to identify and respond to senior financial exploitation. According to CFPB Director Kathy Kraninger, senior financial exploitation is becoming an increasing threat, with the possibility of reaching “epidemic” levels “given the aging of the baby boomer generation”. Kraninger stated "The bureau is renewing its efforts to alert banks and credit unions to elder financial exploitation as they are uniquely positioned to detect that an older account holder has been targeted or victimized, and to take action."

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